Iran is reportedly planning terror attacks on US targets in Europe and the Middle East, according to Western and American security officials cited by The Telegraph

• "The Islamic Republic’s proxies could be given direct orders to conduct retaliatory attacks if Donald Trump launches strikes on Iran, new information has revealed."
• "Increased “chatter” has been reported in electronic interceptions of terrorist communications, suggesting planning and coordination of attacks, the New York Times reported."
• "Conversations are happening even as a new round of nuclear talks between the US and Iran is scheduled to take place on Thursday in Geneva, though no specific plots have been uncovered."
• "It is feared that Iran’s Yemeni proxy, the Houthis, could be enlisted to attack Western shipping in the Red Sea."

The reported plans for terror attacks by Iran's proxies on US targets indicate escalating tensions that could lead to rapid geopolitical shifts. This situation may heighten risk aversion in markets, prompting movement towards safe havens like gold and the USD, while adding volatility to energy prices, particularly oil. The implications for trade and security in the region could further disrupt supply chains and investor sentiment, making it a key development to monitor.